Despite abysmal jobs report, U.S. will emerge stronger thanks to its flexible system


There's no sense trying to sugarcoat this: the March jobs report was expected to be abysmal, and it turned out to be exactly as advertised.

The U.S. economy lost a gargantuan 663,000 jobs in March, the U.S. Labor Department announced Friday, with the nation's unemployment rate jumping to 8.5 percent, the highest rate since 1982. Further, January's revised job loss of 741,000 was the worst one-month loss since 1949. In February, 651,000 jobs were lost.